https://www.taxtmi.com/article/detailed?id=9334 Finance Act, 2020 revises exemption eligibility by substituting provisos to clause (23C) of section 10: affected funds, trusts and institutions must apply for fresh approval within prescribed timelines; the tax authority may call for documents, test genuineness and statutory compliance, grant fixed term approvals or provisional approval, or reject/cancel after hearing. The Act clarifies corpus treatment of voluntary contributions, tightens audit and reporting obligations where income exceeds the non taxable threshold, and introduces a new conditional non inclusion for specified foreign sovereign and pension investors' income from qualifying investments. en-us Thu, 09 Jul 2020 09:41:04 +0530 Thu, 09 Jul 2020 09:41:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9334 Finance Act, 2020 revises exemption eligibility by substituting provisos to clause (23C) of section 10: affected funds, trusts and institutions must apply for fresh approval within prescribed timelines; the tax authority may call for documents, test genuineness and statutory compliance, grant fixed term approvals or provisional approval, or reject/cancel after hearing. The Act clarifies corpus treatment of voluntary contributions, tightens audit and reporting obligations where income exceeds the non taxable threshold, and introduces a new conditional non inclusion for specified foreign sovereign and pension investors' income from qualifying investments. Articles Income Tax Thu, 09 Jul 2020 09:41:04 +0530 https://www.taxtmi.com/article/detailed?id=9334